On Wednesday 6/3, the U.S. Senate unanimously passed the House passed Paycheck Protection Program (PPP) Flexibility Act, which provides key changes to the existing Payment Protection Program (PPP). President Trump signed the PPP Flexibility Act into law on 6/5. AmerisourceBergen and Good Neighbor Pharmacy are very pleased that Congress acted to make necessary changes to PPP. The AmerisourceBergen Government Affairs team has been advocating for greater flexibility and modifications to the PPP to help small business pharmacies, veterinary practices and physician practices. The revised PPP allows up to 24 weeks for loan recipients to spend PPP funds (originally was 8 weeks) and creates greater flexibility by reducing the amount that must be used for payroll from 75% to 60%. More on the legislation from NCPA below.
From NCPA: Senate Passes PPP Extension
The Senate late Wednesday passed an extension to the Paycheck Protection Program, which provides emergency small business loans that can be forgiven if companies keep or rehire their workers. NCPA lobbied hard for the provision. "The original law was designed to get small businesses through the initial economic shock," said NCPA CEO B. Douglas Hoey. "It's clear that the economy will take much longer to recover, so extending the PPP is very important. Local pharmacies are being battered by COVID's impact on the economy. They are critical to the country's healthcare infrastructure during normal times and during national emergencies." The measure is now heading for the President for his signature.